Technical analysis: Gold did closed within my ideal re-Sell zone however is currently comfortably Trading above #2,010.80 - #2,012.80 Resistance zone. However this is hard Resistance zone and Gold might not invalidate it without serious cause. Indeed it is not a good time to be Bear on the market however Bullish bias should remain short-lived as November is usually very Volatile Month on Gold. Fundamentals are once again reviving overall Bullish bias / trend as Gold is approaching hard Resistance levels. Gold is comfortably Trading not only above the broken Higher High's trendline of the Hourly 4 chart's healthy Ascending Channel that started after November #12 Bottom, also representing the #1,935.80 pivot Medium-term Support, Price-action is Trading above Triple Top's rejection point. #2,017.80 - #2,020.80 Resistance zone is still showcasing strong durability (rejecting every upside attempt since October #27 High's). However if Resistance zone breaks / High Volatility zone is invalidated and zone break might open the way towards #2,027.80 Resistance in form of an aggressive spike / extension of May #10 Low's. It is crucial to mention that all this above (Bullish bias) is possible and will be sustainable only if DX extends current Bearish fashion and struggle to make a Bullish comeback since DX weakness is sole reason which is keeping Bullish bias alive. Sellers haven't got any other option than to await their chance and adjust their model.
My position: Gold is displaying critically Overbought Technical condition however I cannot participate on such Volatile market (side swings). Many Traders (as it was the case many times throughout all previous Trading Years) inquired regarding regarding why I rarely Buy Gold / the answer is: when Gold is rising / it is mostly due Fundamentals and such rises can be very aggressive and can deliver instant returns (in form of a Profit) however they are very unpredictable in most cases and can sooner or later backfire. That's why Shorting is excellent way of making Profits on Gold market since it can be followed and backed up by Technicals. #2,007.80 - #2,009.80 first Support zone ahead of #2,000.80 psychological benchmark test. Even though Gold could pierce #2,000.80 benchmark shortly, both sides are equally probable at the moment.
My position: Gold is displaying critically Overbought Technical condition however I cannot participate on such Volatile market (side swings). Many Traders (as it was the case many times throughout all previous Trading Years) inquired regarding regarding why I rarely Buy Gold / the answer is: when Gold is rising / it is mostly due Fundamentals and such rises can be very aggressive and can deliver instant returns (in form of a Profit) however they are very unpredictable in most cases and can sooner or later backfire. That's why Shorting is excellent way of making Profits on Gold market since it can be followed and backed up by Technicals. #2,007.80 - #2,009.80 first Support zone ahead of #2,000.80 psychological benchmark test. Even though Gold could pierce #2,000.80 benchmark shortly, both sides are equally probable at the moment.
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- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.